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General Electric Slips as Cowen Suggests Culp Needs to Take Action

Anders Keitz

fell Monday after Cowen and Co. cut its price target on the stock as analysts expect the new Chief Executive Larry Culp to take actions to improve the beleaguered industrial's financial standing. Cowen analysts, including Gautam Khanna, said they expect Culp to impose a dividend cut, possibly raise more equity, and reset earnings per share/free cash flow, to shore up the balance sheet. Cowen cut its price target from $14.50 a share to $12 a share but maintained its Market Perform rating.